Madrid MA Ribbon Bar — Indicator by Madrid

This study is the companion of the MMAR, displayed here in this publication. This displays the same information as MMAR, but in a linear format. This measures the possibilities of a trend reversal. If the bar fills over 50% of the opposite color from bottom to top then chances are there will be a trend reversal. Otherwise it is just a reentry point.
This study doesn't require but one parameter, and the default is very good. Define if you want to use the standard or the exponential moving average. It is simple, easy to interpret and doesn't require much space on the screen.
It uses only four standard colors
1. Red : A downtrend in progress
2. Green: A short reentry or a trend reversal warning
3. Lime : An uptrend in progress
4. Maroon: A long reentry or a trend reversal warning

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//
// Madrid : 26/Feb/2015 21:41: Moving Average Ribbon Bar: 1.0
// MMARB
// http://madridjourneyonws.blogspot.com/
//
// This is based on the Madrid Moving Average Ribbon study, 
// it displays the output in a bar format to better identify
// entry points, up/down trends and reversals
//

study(title="Madrid MA Ribbon Bar", shorttitle="MMARB", precision=0)

exponential = input(true, title="Exponential MA")
src = close

ma05 = exponential ? ema(src, 05) : sma(src, 05)
ma10 = exponential ? ema(src, 10) : sma(src, 10)
ma15 = exponential ? ema(src, 15) : sma(src, 15)
ma20 = exponential ? ema(src, 20) : sma(src, 20)
ma25 = exponential ? ema(src, 25) : sma(src, 25)
ma30 = exponential ? ema(src, 30) : sma(src, 30)
ma35 = exponential ? ema(src, 35) : sma(src, 35)
ma40 = exponential ? ema(src, 40) : sma(src, 40)
ma45 = exponential ? ema(src, 45) : sma(src, 45)
ma50 = exponential ? ema(src, 50) : sma(src, 50)
ma55 = exponential ? ema(src, 55) : sma(src, 55)
ma60 = exponential ? ema(src, 60) : sma(src, 60)
ma65 = exponential ? ema(src, 65) : sma(src, 65)
ma70 = exponential ? ema(src, 70) : sma(src, 70)
ma75 = exponential ? ema(src, 75) : sma(src, 75)
ma80 = exponential ? ema(src, 80) : sma(src, 80)
ma85 = exponential ? ema(src, 85) : sma(src, 85)
ma90 = exponential ? ema(src, 90) : sma(src, 90)
ma95 = exponential ? ema(src, 95) : sma(src, 95)
ma100 = exponential ? ema(src, 100) : sma(src, 100)

leadMAColor = change(ma05)>=0 and ma05>ma100 ? lime
            : change(ma05)<0  and ma05>ma100 ? maroon
            : change(ma05)<=0 and ma05<ma100 ? red
            : change(ma05)>=0 and ma05<ma100 ? green
            : gray
maColor(ma, maRef) => 
              change(ma)>=0 and ma05>maRef ? lime
            : change(ma)<0  and ma05>maRef ? maroon
            : change(ma)<=0 and ma05<maRef ? red
            : change(ma)>=0 and ma05<maRef ? green
            : gray


plot( 5, color=leadMAColor, style=line, title="MMA05", linewidth=2)
plot( 10, color=maColor(ma10,ma100), style=line, title="MMA10", linewidth=2)
plot( 15, color=maColor(ma15,ma100), style=line, title="MMA15", linewidth=2)
plot( 20, color=maColor(ma20,ma100), style=line, title="MMA20", linewidth=2)
plot( 25, color=maColor(ma25,ma100), style=line, title="MMA25", linewidth=2)
plot( 30, color=maColor(ma30,ma100), style=line, title="MMA30", linewidth=2)
plot( 35, color=maColor(ma35,ma100), style=line, title="MMA35", linewidth=2)
plot( 40, color=maColor(ma40,ma100), style=line, title="MMA40", linewidth=2)
plot( 45, color=maColor(ma45,ma100), style=line, title="MMA45", linewidth=2)
plot( 50, color=maColor(ma50,ma100), style=line, title="MMA50", linewidth=2)
plot( 55, color=maColor(ma55,ma100), style=line, title="MMA55", linewidth=2)
plot( 60, color=maColor(ma60,ma100), style=line, title="MMA60", linewidth=2)
plot( 65, color=maColor(ma65,ma100), style=line, title="MMA65", linewidth=2)
plot( 70, color=maColor(ma70,ma100), style=line, title="MMA70", linewidth=2)
plot( 75, color=maColor(ma75,ma100), style=line, title="MMA75", linewidth=2)
plot( 80, color=maColor(ma80,ma100), style=line, title="MMA80", linewidth=2)
plot( 85, color=maColor(ma85,ma100), style=line, title="MMA85", linewidth=2)
plot( 90, color=maColor(ma90,ma100), style=line, title="MMA90", linewidth=2)

hline(50, color=black, linewidth=1)
hline(25, color=red, linewidth=1)
hline(75, color=lime, linewidth=1)